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UK
Casino Times
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News
26 October 2006
Monarch Casino Reports Record
Third Quarter Results
Monarch
Casino & Resort,
owner of the Atlantis Casino Resort in Reno, Nevada, has
announced record quarterly results for net revenue, income
from operations, EBITDA (1) and diluted EPS.
The Company reported
record net revenues of $41.9 million, a 9.3% increase over
the comparative quarter in 2005, and announced that each of
its revenue centers delivered record results. Specifically,
casino, food and beverage, hotel and 'other revenue centers'
drove revenue increases over the same quarter of the prior
year of 9.1%, 7.1%, 11.0% and 10.7%,
respectively.
The Company announced
Income from operations of $11.4 million, EBITDA (1) of $13.5
million and diluted EPS of 38 cents, each of which were also
all-time records. Excluding the effects of $489,000 of
share-based compensation, the Company would have posted
income from operations of $11.8 million, EBITDA (1) of $14.0
million and diluted EPS of 40 cents. Compared to the same
quarter of the prior year, the results excluding the effects
of share-based compensation represent increases of 6.2%,
5.4% and 8.1%, respectively.
The Company reported a
$2.0 million, or 20.9% increase in selling, general and
administrative expenses over the same quarter of the prior
year. The drivers of this increase were share-based
compensation resulting from the implementation of FAS 123R
in the first quarter of 2006; increased marketing and
promotional expense; increased payroll costs; increased
legal fees; higher bad debt expense and higher energy
costs.
Monarch's CEO and
Co-Chairman John Farahi commented on the Company's
performance: "These record results are a tribute to our team
and demonstrate our ability to continually raise the
performance bar on the strong results we have delivered in
the past. We will continue the push toward peak performance
from our existing facility as we proceed with its expansion.
We are on schedule with the expansion plans we announced
last May and expect to break ground in the first quarter of
2007."
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